Question
Mr. P invested Rs. ‘2x’ in scheme ‘A’ offering
simple interest of 20% p.a. and reinvested the interest earned from scheme ‘A’ at the end of 4 years in scheme ‘B’ offering compound interest of 20% p.a. compounded annually. If total amount received from scheme ‘B’ after 2 years is Rs. 1008, then find the value of ‘8x’.Solution
According to question; 1.44 × {0.2 × 4 × 2x} = 1008 Or, {0.20 × 4 × 2x} = 700 Or, x = 437.5 So, 8x = 8 × 437.5 = 3500
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